The unadjusted trial balance of Watson Anvils at December 31, 2018, and the data for the...
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The unadjusted trial balance of Watson Anvils at December 31, 2018, and the data for the adjustments follow: WATSON ANVILS Unadjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $ 13,560 Accounts Receivable 17,000 Prepaid Rent 2,140 Office Supplies 2,800 Equiment 30,000 Accumulated Depreciation-Equipment $ 11,000 Accounts Payable 7,200 Salaries Payable Unearned Revenue 5,600 Common Stock 12,000 Retained Earnings 17,600 Dividends 4,600 Service Revenue 19,000 Salaries Expense 2,300 Rent Expense Depreciation Expense Equipment Supplies Expense Total $ 72.400 $72,400 Adjustment data: a. Unearned Revenue still unearned at December 31, $3,600. b. Prepaid Rent still in force at December 31, $2,000. c. Office Supplies used, $600. d. Depreciation, $400. e. Accrued Salaries Expense at December 31, $180. Requirements 1. Open the T-accounts using the balances in the unadjusted trial balance. 2. Complete the worksheet for the year ended December 31, 2018 (optional). 3. Prepare the adjusting entries, and post to the accounts. 4. Prepare an adjusted trial balance. 5. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form. 6. Prepare the closing entries, and post to the accounts. 7. Prepare a post-closing trial balance. 8. Calculate the current ratio for the company. The unadjusted trial balance of Watson Anvils at December 31, 2018, and the data for the adjustments follow: WATSON ANVILS Unadjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $ 13,560 Accounts Receivable 17,000 Prepaid Rent 2,140 Office Supplies 2,800 Equiment 30,000 Accumulated Depreciation-Equipment $ 11,000 Accounts Payable 7,200 Salaries Payable Unearned Revenue 5,600 Common Stock 12,000 Retained Earnings 17,600 Dividends 4,600 Service Revenue 19,000 Salaries Expense 2,300 Rent Expense Depreciation Expense Equipment Supplies Expense Total $ 72.400 $72,400 Adjustment data: a. Unearned Revenue still unearned at December 31, $3,600. b. Prepaid Rent still in force at December 31, $2,000. c. Office Supplies used, $600. d. Depreciation, $400. e. Accrued Salaries Expense at December 31, $180. Requirements 1. Open the T-accounts using the balances in the unadjusted trial balance. 2. Complete the worksheet for the year ended December 31, 2018 (optional). 3. Prepare the adjusting entries, and post to the accounts. 4. Prepare an adjusted trial balance. 5. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form. 6. Prepare the closing entries, and post to the accounts. 7. Prepare a post-closing trial balance. 8. Calculate the current ratio for the company.
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Answer Requirements 1 3 and 6 Common Stock 12000 Bal 12000 Bal Cash Retained Earnings Bal 13560 17600 Bal Clos 4600 17380 Clos Bal 13560 30380 Bal Accounts Receivable Dividends Bal 17000 Bal 4600 4600 ... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting The Financial Chapters
ISBN: 978-0134486857
6th edition
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
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